Alps Advisors Inc. Has $8.24 Million Holdings in TEGNA Inc. $TGNA

Alps Advisors Inc. cut its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 21.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 405,432 shares of the company’s stock after selling 113,410 shares during the period. Alps Advisors Inc. owned about 0.25% of TEGNA worth $8,242,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wasatch Advisors LP grew its holdings in shares of TEGNA by 5,517.6% during the second quarter. Wasatch Advisors LP now owns 3,242,220 shares of the company’s stock worth $54,340,000 after purchasing an additional 3,184,505 shares during the last quarter. Calamos Advisors LLC acquired a new position in TEGNA during the 3rd quarter worth about $23,298,000. Norges Bank bought a new stake in TEGNA during the 2nd quarter worth about $13,426,000. Qube Research & Technologies Ltd increased its position in TEGNA by 1,790.0% in the 2nd quarter. Qube Research & Technologies Ltd now owns 789,521 shares of the company’s stock valued at $13,232,000 after acquiring an additional 747,747 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of TEGNA by 247.1% in the second quarter. BNP Paribas Financial Markets now owns 940,055 shares of the company’s stock worth $15,755,000 after acquiring an additional 669,255 shares during the last quarter. 92.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TGNA has been the topic of several research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of TEGNA in a research note on Monday, December 29th. Wells Fargo & Company downgraded TEGNA from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 23rd. Finally, Zacks Research raised TEGNA from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $19.75.

TEGNA Trading Up 0.4%

TGNA opened at $19.08 on Monday. The firm has a 50 day simple moving average of $19.22 and a 200 day simple moving average of $19.62. TEGNA Inc. has a fifty-two week low of $14.87 and a fifty-two week high of $21.35. The company has a market cap of $3.07 billion, a price-to-earnings ratio of 9.00 and a beta of 0.15. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.22 and a quick ratio of 2.22.

TEGNA (NYSE:TGNA) last announced its quarterly earnings data on Monday, November 10th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). The business had revenue of $650.79 million during the quarter, compared to the consensus estimate of $658.28 million. TEGNA had a net margin of 11.97% and a return on equity of 12.50%. TEGNA’s revenue was down 19.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.94 earnings per share. On average, sell-side analysts anticipate that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 5th were issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, December 5th. TEGNA’s dividend payout ratio is currently 23.58%.

TEGNA Profile

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.